WASHINGTON – Joint Economic Committee Ranking Member Carolyn B. Maloney (D-N.Y.) released the following statement Friday in response to the downward revision of Gross Domestic Product (GDP) that showed the economy shrank in the first quarter of 2015:

“In 20 of the past 23 quarters, GDP growth has been positive, and long-term trends remain strong.

“Today’s downward revision does remind us, however, that we must do more to achieve full recovery and to ensure that it benefits everyone. Now is not the time to block programs that will help create jobs, strengthen U.S. competitiveness and put us on the path toward robust economic growth.

“We can also strengthen the recovery by investing in our nation’s decaying transportation infrastructure. Our economic competitors are building state-of-the-art roads, rails, ports and bridges while ours are crumbling around us.

“We should also help businesses expand their markets overseas by renewing the charter of the Export-Import Bank. The bank is a critical tool for supporting sales of U.S. goods abroad, which in turn creates more jobs at home.

“Those who counsel inaction are wrong. We should continue to work hard to make sure our recovery is strong and that it reaches all Americans.”